(Source: PRNewswire-FirstCall)
MONROE, La. and OVERLAND PARK, Kan., May 29 /PRNewswire-FirstCall/ -- CenturyTel, Inc. and EMBARQ today announced that CenturyTel's pending acquisition of EMBARQ has received approval from the Pennsylvania Public Utility Commission and the Washington Utilities and Transportation Commission. The merger now has received all necessary approvals from the states in which CenturyTel and EMBARQ provide local service. The only remaining regulatory approval required to complete the transaction is that of the Federal Communications Commission (FCC).
"Receiving approval from these final two states is an important step, and we will remain engaged with the FCC with the goal of gaining approval of the merger as expeditiously as possible," said Glen F. Post III, CenturyTel's chairman and chief executive officer. "State regulators are now unanimous in recognizing that this transaction is in the public interest."
"Upon FCC approval, we will create a new leading communications company, which will have the scale and financial strength to deliver a compelling portfolio of communications services targeted to benefit customers across our markets," said Tom Gerke, EMBARQ's chief executive officer. "Importantly, the merger will be completed without adding any incremental debt to the combined company and will provide the fiscal stability to offer customers consistent quality service."
In addition to obtaining all necessary state regulatory approvals, CenturyTel and EMBARQ have already received the approvals of their respective shareholders, who overwhelmingly approved all proposals related to the merger on Jan. 27, 2009. On Nov. 24, 2008, the companies received early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Combined, CenturyTel and EMBARQ will have approximately 7.5 million access lines, more than two million broadband customers and more than 400,000 video subscribers, based on data as of March 31, 2009.
About CenturyTel
CenturyTel is a leading provider of communications, high-speed Internet and entertainment services in small-to-mid-size cities through our broadband and fiber transport networks. Included in the S&P 500 Index, CenturyTel delivers advanced communications with a personal touch to customers in 25 states. Visit us at http://www.centurytel.com/.
About EMBARQ
Embarq Corporation , headquartered in Overland Park, Kan., offers a complete suite of communications services. EMBARQ has operations in 18 states and is in the Fortune 500(R) list of America's largest corporations.
